Addendum: A terse call to the Bank made them remove the clause from the agreement. Lovely.
After all the hooha about banks and accountability to customers, they still haven't learnt. Or rather, they are still protecting their asses like nobody's business.
I took one look at the agreement and grimaced. I'm one of those who scrutinize fine print and refuse to sign up for boutique membership cards because of their silly terms and conditions. What more a binding legal contract?
One clause in this agreement from the Bank read,
"I/we/am/are fully aware of the risks inherent in securities trading and have read and understood the Risk Disclosure Statement and the Standard Terms and Conditions (including any amendments and supplements thereto) provided to me/us by the Bank. I/We am/are capable and willing to assume (finally or otherwise) the risks of securities trading."
The bank obviously hired a damn good legal team. I don't even need to send this over to my lawyers to know that they would advise me not to sign it.
The bank is arbitrarily going to divest and invest my portfolio without my explicit permissions, at their discretion. Even if I don't make a trading order, authority is still held by the bank to, well, do whatever they want. I'll only know their idiocy or brilliance when the statement comes in at month's end.
How on earth can anyone of sane mind and clear insight willingly sign this statement?
7 comments:
omgoodness! i think i better start cultivating the habit of reading carefully what i'm signing for.
I don't know about you, but the only clause I believe in, is Santa.
Pray tell, what in the above clause allows them that? Or is that in risk disclosure statement and terms and conditions?
Shall I go out on a limb and say.... um... idjits?
candice: ALWAYS!
JM: ahahah. optimisim is good.
wildgoose: just a one page agreement to authorize trading.
kachunknorge: GAAAH.
Not forgetting *terms and conditions apply.
lms: YAH. basket.
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